Jolywood has been benefiting from the significant increase in PV module manufacturing capacity expansions since 2014 and growth in end-market demand in China and South East Asia.

However, significant growth in 2016 has been due to module backsheet material sales on the back of a 43% (53GW) increase in module output in China in 2017, according to recent China PV Industry Association (CPIA) data.

Jolywood is also starting to benefit from shipments of its high-performance IBC modules as the company started ramping its 2.1GW cell and module plant since the middle of the year.

In June 2017, the company secured an 800MW module purchase agreement to supply 315W N-type bifacial mono modules to COSCO Shipping Logistic with a winning bid valued at around RMB 2 billion.

This was recently supported by its M2 N-type IBC cell verified to have reached 22.22% conversion efficiency and the first order from India from ACME Clean-tech Solutions to supply 6.775MW of 72-cell N-type 370W bifacial modules.

Financial results

Jolywood reported operating income for the third quarter of RMB 1.02 billion (US$155.1 million). First half year operating income was around US$236.8 million bringing income for the first nine months of 2017 to around RMB 2,600 million (US$391.9 million). Operating income in 2016 was RMB 1,387 million.